Carige is racing to salvage a 560 million euro ($661 million) share issue after it failed to secure backing from underwriters, sending fresh tremors through the country’s banking sector.

Malacalza Investimenti, which holds a 17.6 percent stake in Carige, said it had committed to subscribe Carige’s cash call pro quota.

“We are awaiting with confidence the commitment from the consortium of banks that they have promised for this evening,” Mattia Malacalza, the chief executive of the investment holding of the Malacalza family, said in a statement. (Reporting by Agnieszka Flak)